Empire Bridal Boutique has a credit balance of $620 in its allowance for bad debts account as of December 31, 20–. An analysis of the
Empire Bridal Boutique has a credit balance of $620 in its allowance for bad debts account as of December 31, 20–. An analysis of the accounts receivable of Empire Bridal Boutique as of the same date, reveals the following: Age Interval Balance Est. Percentage Uncollectible Not due $63,000 2% 1–30 days past due 7,100 5% 31–60 days past due 6,300 11% Over 60 days past due 2,900 40% $79,300 Required: 1. Prepare an aging schedule as of December 31, 20–. Transcribed Image Text: Est. Amount
1-30 days past due
31-60 days past due
Over 60 days past due
2. Prepare the adjusting entry to record the Bad Debt Expense at the end of the year. If an amount box does not require an entry, leave it blank.
1 Dec. 31
3. Determine the net accounts receivables at December 31, 20–.
Net accounts receivable $
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